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14-4703 - U.S. Bank National Association v. Sun Life Assurance Company of Canada


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14-4703 - U.S. Bank National Association v. Sun Life Assurance Company of Canada
January 24, 2017
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ORDER ADOPTING REPORT AND RECOMMENDATIONS - For the reasons set forth herein, Magistrate Judge Lindsay's Report is accepted in its entirety and, for the reasons set forth in the Report: (1) the branches of Sun Life's motion seeking summary judgment pursuant to Rule 56 of the Federal Rules of Civil Procedure (a) on its first and second counterclaims for judgment declaring (i) that the Policy was an illegal wagering contract that violated the Delaware Constitution and the public policy of Delaware, and (ii) that the Policy lacked an insurable interest at inception, thus rendering the Policy void ab initio, (b) dismissing Count I of US Bank's complaint for judgment declaring inter alia, "that an insurable interest existed at the inception of the Policy and that Sun Life must pay US Bank the $10,000,000 death benefit owed to it," and (c) dismissing U.S. Banks affirmative defenses to its counterclaims, are granted; (2) Sun Life is granted judgment as a matter of law (a) declaring (i) that the Policy was an illegal wagering contract that violated the Delaware Constitution and the public policy of Delaware, thus rendering the Policy void ab initio; and (ii) that the Policy lacked an insurable interest at inception, thus rendering the Policy void ab initio, (b) dismissing Count I of the complaint in its entirety with prejudice, and (c) dismissing U.S. Banks affirmative defenses to its counterclaims; (3) the branch of Sun Lifes motion seeking summary judgment pursuant to Rule 56 of the Federal Rules of Civil Procedure dismissing Count II of U.S. Banks complaint for judgment declaring that Sun Life is required to return all premiums [sic] payments paid for the Policy to Sun Life, plus interest" is denied and U.S. Bank is granted judgment as a matter of law declaring that Sun Life is required to return to it the premiums U.S. Bank paid out on the Policy in the total amount of one million nine hundred ninety-two thousand five hundred fifty-three dollars and ninety-four cents ($1,992,553.94); and (4) U.S. Banks motion for summary judgment pursuant to Rule 56 of the Federal Rules of Civil Procedure is denied. The Clerk of the Court shall enter judgment in accordance with this Order and close this case.SO Ordered by Judge Sandra J. Feuerstein on 1/24/2017. (Tirado, Chelsea)